NWL - Why Newell Brands Stock Dropped Today
2023-10-27 16:15:54 ET
Shares of Newell Brands (NASDAQ: NWL) were down 9.6% as of 3:45 p.m. ET Friday after the company behind brands such as Sharpie, Rubbermaid, Coleman and Yankee Candle announced mixed quarterly results and lowered its full-year outlook.
Newell Brands' third-quarter net sales fell 9.1% year over year to $2.05 billion, translating to adjusted ( non-GAAP ) earnings of $0.39 per share (down from $0.50 per share a year earlier). Analysts, on average, were modeling lower earnings of $0.24 per share but on higher sales of $2.11 billion.
Delving deeper into Newell Brands' results, revenue declines were broad-based; the home and commercial solutions segment sales declined 7.1% to $1.1 billion, learning and development segment revenue dropped 8.1% to $694 million, and outdoor and recreation segment sales fell 20.9% to $231 million.
For further details see:
Why Newell Brands Stock Dropped Today